Is housing market finally bottoming out? - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Is housing market finally bottoming out?

By Chuck Weber email

WEST PALM BEACH, FL (WFLX)-There's new hope the local real estate market may finally be bottoming out. Sales are up, prices holding, and the inventory is down. In fact in some areas, good deals are actually disappearing fast.

New information from the Realtors Association of Palm Beach County show median home prices have leveled off in recent months, and since February have climbed slightly. The June reading was $247,000. Also, as of June, the inventory of homes on the market is down to about a seven month supply.

"I guess people need to realize the market is bottoming," said Douglas Rill of Century 21, a veteran of real estate in Palm Beach County for nearly four decades.

Rill tells of a client looking for a home in West Palm Beach's south end waterfront neighborhoods at $250,000 or below. "Eight weeks ago, there were 32 houses in the price range," explained Rill. "Last week when we checked there were 12. And she said to me, 'Where did all the houses go?' I said, 'They sold.'"

Rill says prices could fall again, and foreclosures and pent-up needs to sell could land a lot more homes on the market. But with interest rates still historically low, Rill believes bargain hunters may not have it this good again. "There are people who are going to look back and say, ' I shoulda coulda woulda. I should have bought that house in the summer.'"

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